Territory Stories

Annual Report 2021–2022, Power and Water Corporation

Details:

Title

Annual Report 2021–2022, Power and Water Corporation

Other title

Tabled Paper 708

Collection

Tabled Papers for 14th Assembly 2020 -; Tabled Papers; ParliamentNT

Date

2022-11-23

Notes

Made available by the Legislative Assembly of the Northern Territory under Standing Order 240. Where copyright subsists with a third party it remains with the original owner and permission may be required to reuse the material.

Language

English

Subject

Tabled papers

Publisher name

Legislative Assembly of the Northern Territory

Place of publication

Darwin

File type

application/pdf

Use

Copyright

Copyright owner

Legislative Assembly of the Northern Territory

License

https://www.legislation.gov.au/Details/C2019C00042

Parent handle

https://hdl.handle.net/10070/893266

Citation address

https://hdl.handle.net/10070/893267

Page content

Annual Report 2021-2022 57 Page 6 of 60 Power and Water Corporation Directors' report for the year ended 30 June 2022 Review of Profitability and Equity June 2022 June 2021 $ million $ million Revenue 814.7 810.8 Total revenue 814.7 810.8 Expenditure (525.6) (593.8) 39.6 5.1 Total expenditure (486.0) (588.7) EBITDA 328.7 222.1 Depreciation and amortisation (194.8) (192.1) EBIT 133.9 30.0 Interest expense (54.2) (58.8) Net profit /(loss) before income tax 79.7 (28.8) Income tax benefit/(expense) (32.1) 0.6 Net profit /(loss) after income tax 47.6 (28.3) EBITDA excluding significant items EBITDA 328.7 222.1 Impairment charge and revaluation of assets adjustments added back (39.6) (5.1) Underlying EBITDA1 289.1 217.0 Depreciation and amortisation (194.8) (192.1) Underlying EBIT 94.3 24.9 Interest expense (54.2) (58.8) Underlying net profit /(loss) before income tax1, 2 40.1 (33.9) Total assets 3,788.3 3,773.1 Total liabilities (2,335.7) (2,259.7) Total equity 1,452.6 1,513.4 LLooaannss ttoo ssuubbssiiddiiaarriieess Consolidated The consolidated entity reported a net profit after tax from continuing operations of $47.6 million for the year ended 30 June 2022 compared to a net loss after tax of $28.3 million for the prior year. The increase in the net profit after tax was primarily attributable to a reversal of impairment of $39.6 million Refer to Note 4 for more details. In addition, a revised method of capitalising indirect costs, adopted in the current financial period, resulted in a reduction in operating expenses by $62.7 million. Refer note 2.5(iii) for more details. The consolidated entity recognised revenue of $814.7 million for the current year compared to $810.8 million for the prior year; an increase of $3.9 million. The increase in revenue recognised was primarily attributable to revenue from rendering of services and government grants which increased by $21.1 million this was offset by gas services revenue which decreased by $25.1 million from $273.7 million in the prior year to $248.6 million the current year due to reduced gas supply. Impairment charge and revaluation of assets adjustments PPrrooffiitt ffrroomm ooppeerraatt iioonnss 1 EBITDA excluding significant items is non-IFRS (International Financial Reporting Standards) information. Management has provided an analysis of significant items included in the reported IFRS financial information. These items have been considered in relation to their size and nature, and have been adjusted from the reported (i.e. IFRS) information to assist readers to better understand the financial performance of the underlying operating business. These adjustments are assessed on a consistent basis from period to period and include both favourable and unfavourable items. Non-IFRS financial information, while not subject to audit or review, has been extracted from the financial report. 2 Gifted asset revenue, although a non-cash item, is a recurring item in the normal course of business and therefore has not been excluded from underlying profits before tax. LLiiqquuiiddiittyy aanndd ccaappiittaall rreessoouurrcceess The consolidated cash flow statement shows a decrease in cash and cash equivalents for the year ended 30 June 2022 of $1.4 million (2021: $25.1 million increase). Operating activities generated $235.6 million (2021: $139.7 million) of net cash flows. The revised method of capitalising indirect costs, mentioned above, is the primary driver of the increase in cash in flows from operating activities and corresponding cash out flows from investing activities. Cash flows from operating activities have been offset by net cash used for investing activities of $193.6 million (2021: $99.4 million) and $43.4 million (2021: $15.1 million) from financing activities, largely due to payment of property plant and equipment of $189.9 million (2021: $111.9 million and repayment of lease liabilities of $29.4 million (2021: $29.1 million), and an equity withdrawal during the year of $30.0 million (2021: $20.0 million equity injection). The net cash outflow of $1.4 million (2021: $25.1 million inflow) in the current year is primarily due to the equity withdrawal during the year. As at 30 June 2022, IES Pty Ltd owed the Corporation $36.4 million (2021: $33.9 million) which is made up of an inter-entity receivable of $11.4 million (2021: $9.0 million) in relation to services provided and $25.0 million (2021: $25.0 million) in loans provided in respect of the IES Solar SETuP program. The Corporation has reversed the estimated credit loss on the loans of $7.1 million as a result of the forecasted cash flows from the Solar SETuP program. Refer to Notes 8 and 12 for details.


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